Jernigan Capital, Inc. Closes Initial Los Angeles Self-Storage Development Investment
September 14 2017 - 4:15PM
Business Wire
-Partners with Seasoned Self-Storage
Developer in Highly-Visible Project Near LA Stadium and
Entertainment District at Hollywood Park-
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed a $28.7 million investment in a proposed
multi-story, primarily climate-controlled self-storage facility in
Inglewood, California. The proposed 120,038 net rentable square
foot facility will be a ground-up project located on W. Hyde Park
Blvd. situated along the 405 Freeway providing “billboard”
visibility to nearly 300,000 cars per day, in addition to being
next to the new Metro Rail, giving the proposed facility further
visibility to thousands of rail commuters. The investment is the
Company’s first in California.
The proposed project will be located less than two miles from
Hollywood Park, site of the new 70,000 seat LA Stadium that will be
the home of the Los Angeles Rams and Los Angeles Chargers and venue
for the Opening and Closing ceremonies of the 2028 Summer Olympics.
Hollywood Park is also the future site of an approved arena for the
Los Angeles Clippers. Plans for the Hollywood Park District include
an entertainment district containing a 6,000-seat performing arts
venue, substantial office, retail and hotel space, 25 acres of
parks, pedestrian walkways and bicycle paths, family and fine
dining options and 2,500 modern residences. The Company and the
developers anticipate significant gentrification of Inglewood as
the Hollywood Park area is developed.
The proposed facility is expected to serve several surrounding
communities that provide limited self-storage options to a growing
population. Currently, the submarket is served by big-box retailers
such as Target, Costco, and Home Depot. Construction is expected to
begin in the first quarter of 2019 and be completed in mid-2020.
Inglewood Self-Storage LLC is the developer of the proposed
project. Members in the developer entity include Bruce Fairty,
Stephen Garchik, Jay Massirman, Stephen McBride and Michael
Sorochinsky. Messrs. Garchik, Massirman and McBride are principals
in Miami City Self-Storage, headquartered in Miami, Florida. The
Company and MCSS have co-invested in three other self-storage
development projects.
Since January 1, 2017, the Company has closed 22 investments in
new self-storage projects for an aggregate commitment amount of
$281.7 million.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real
estate investment trust (NYSE: JCAP) that provides debt and equity
capital to private developers, owners, and operators of
self-storage facilities. Our mission is to be the preeminent
capital partner for self-storage entrepreneurs nationwide by
offering creative solutions through an experienced team
demonstrating the highest levels of integrity, dedication,
excellence and community, while maximizing shareholder value. The
Jernigan Capital team has extensive experience in over 100 U.S.
markets—from acquiring and managing self-storage properties to new
self-storage development—providing JCAP with knowledge unmatched by
any lender, broker or advisor to the sector. Jernigan Capital is
the only source of construction and development capital focused
solely on the self-storage sector.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The ultimate occurrence of events and results referenced in
these forward-looking statements is subject to known and unknown
risks and uncertainties, many of which are beyond our control.
These forward-looking statements are based upon the Company's
present intentions and expectations, but the events and results
referenced in these statements are not guaranteed to occur.
Investors should not place undue reliance upon forward-looking
statements. For a discussion of these and other risks facing our
business, see the information under the heading “Risk Factors” in
our Annual Report on Form 10-K filed with the Securities and
Exchange Commission (“SEC”) and our other filings with the SEC from
time to time, which are accessible on the SEC’s website at
www.sec.gov.
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Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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